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New York State Proposes Regulation to Combat Discriminatory Auto Insurance Rates
A proposed regulation could help protect New Yorkers from excessive and unfairly discriminatory auto insurance rates.
Following an investigation, the state Department of Financial Services regulation would prohibit insurers from using an individual’s occupational status or educational level as factors in setting rates, unless the insurer demonstrates to the satisfaction of the superintendent of financial services that the use of those factors does not result in rates that are unfairly discriminatory.
J.D. Power Study on Insurers and Data: A Matter of Trust
As insurance professionals, we’re always talking about harnessing new data streams to improve our products. The benefits are obvious, we tell ourselves – think of the potential to align prices with real risks! But sometimes, we also need to ask ourselves: do our customers actually want us to use these data? Do they like the idea of us scouring their social media footprints to help price their insurance coverage?
A recent J.D. Power survey asks exactly these questions – and found that we have a long way to go before our customers get comfortable with their personal insurance company collecting troves of their…